Monday, October 18, 2010

Buying Auction House save money

Buy an auctioned house is a very pratical way of saving tons of money. To my calculation you could save up to 40% by buy an acution house, but the are many thing to consider before buying an auction house.

Things that you might consider doing before an auction

1. Contact the previuos owner or get to know the histoy of the house so that you are well prepared of the upcoming obstacle
2. Inspect the property before the auction date
3. Calculate the cost of changing the ownership
4. Contact the respectable council to verify the situation of the house
5. Get the Proclaimation Of Sale (POS) and read the term and condition
6. Contact the bank and enquire what the bank include in the reserve price ( previous quit rent, electricty bill, water bill etc)
7. Take photograph of the property and see what is the other hiden cost avail (grills, door, roof etc)
8. After all is done only then make a bank draft or postal oreder to the said bank (rhb, maybank, cimb etc)

After the auction you need to change the ownership...

1. Get a respectable solicitor to enggage in transfering of ownership
2. Check with the repectable council on the procedure of transfering ownership
3. Make full payment/ make a loan with the during the duration time given which normally is 120 days
4. Keep all document for future reference.

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